Common use of Assignment and Pledge Clause in Contracts

Assignment and Pledge. Bank shall have the unrestricted right at any time or from time to time, and without Borrower's or any guarantor's consent, to assign all or any portion of its right and obligations under this Agreement and the Loan Documents to one or more banks or other financial institutions (each, an "Assignee"), and Borrower and each guarantor agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to this Agreement and to any Loan Documents as Bank shall deem necessary to effect the foregoing (provided that the substantive terms of this Agreement and Loan Documents are not changed). In addition, at the request of Bank and any such Assignee, Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank has retained any of its rights and obligations hereunder following such assignment, to Bank, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank prior to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and Bank after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Bank in connection with such assignment, and the payment by Assignee of the purchase price agreed to by Bank and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations of Bank hereunder (and under any and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank pursuant to the assignment documentation between Bank and such Assignee, and Bank shall be released (provided that the Assignee has capital of not less than that of the Bank) from its obligations hereunder and thereunder to a corresponding extent. This Agreement and the Loan Documents shall be binding upon and inure to the benefit of the Bank and the Borrower, their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower are not assignable, delegable or transferable without the consent of the Bank. Bank may at any time pledge all or any portion of its rights under this Agreement and the Loan Documents, including, but not limited to, any portion of any Note to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.

Assignment and Pledge. Bank BANK shall have the unrestricted right at any time or from time to time, and without Borrower's BORROWER'S or any guarantor's consent, to assign all or any portion of its right and obligations under this Agreement and the Loan Documents to one or more banks or other financial institutions (each, an "Assignee"), and Borrower BORROWER and each guarantor agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to this Agreement and to any Loan Documents as Bank BANK shall deem necessary to effect the foregoing (provided that the substantive terms of this Agreement and Loan Documents are not changed)foregoing. In addition, at the request of Bank BANK and any such Assignee, Borrower and upon the return of the original note issued to the BANK, BORROWER shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank BANK has retained any of its rights and obligations hereunder following such assignment, to BankBANK, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank BANK prior to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and Bank BANK after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Bank BANK in connection with such assignment, and the payment by Assignee of the purchase price agreed to by Bank BANK, and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations of Bank BANK hereunder (and under any and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank BANK pursuant to the assignment documentation between Bank BANK and such Assignee, and Bank BANK shall be released (provided that the Assignee has capital of not less than that of the Bank) from its obligations hereunder and thereunder to a corresponding extent. This Agreement and the Loan Documents shall be binding upon and inure to the benefit of the Bank BANK and the BorrowerBORROWER, their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower BORROWER are not assignable, delegable or transferable without the consent of the BankBANK. Bank BANK may at any time pledge all or any portion of its rights under this Agreement and the Loan Documents, including, but not limited to, any portion of any Note to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.U.S.C. Section 341. No such pledge or enforcement thereof shall release BANK from its obligations under any of the Loan Documents.

Assignment and Pledge. Bank BANK shall have the unrestricted right at any time or from time to time, and without Borrower's BORROWER’s or any guarantor's GUARANTOR’s consent, to assign all or any portion of its right and obligations under this Agreement and the Loan Documents to one or more banks or other financial institutions (each, an "“Assignee"”), and Borrower BORROWER and each guarantor agrees GUARANTOR agree that it they shall execute, or cause to be executed, such documents, including without limitation, amendments to this Agreement and to any Loan Documents as Bank BANK shall deem necessary to effect the foregoing (provided that the substantive terms of this Agreement and Loan Documents are not changed)foregoing. In addition, at the request of Bank BANK and any such Assignee, Borrower BORROWER shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank BANK has retained any of its rights and obligations hereunder following such assignment, to BankBANK, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank BANK prior to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and Bank BANK after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Bank BANK in connection with such assignment, and the payment by Assignee of the purchase price agreed to by Bank BANK and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations of Bank BANK hereunder (and under any and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank BANK pursuant to the assignment documentation between Bank BANK and such Assignee, and Bank BANK shall be released (provided that the Assignee has capital of not less than that of the Bank) from its obligations hereunder and thereunder to a corresponding extent. This Agreement and the Loan Documents shall be binding upon and inure to the benefit of the Bank and the BorrowerBANK, BORROWER, GUARANTOR, their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower BORROWER and GUARANTOR are not assignable, delegable or transferable without the consent of the BankBANK. Bank BANK may at any time pledge all or any portion of its rights under this Agreement and the Loan Documents, including, but not limited to, any portion of any Note to any of the twelve (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.U.S.C. Section 341. No such pledge or enforcement thereof shall release BANK from its obligations under any of the Loan Documents.