Common use of Assignment by Agent Clause in Contracts

Assignment by Agent. ‌ The Agent may assign or transfer all of its rights and obligations under this Agreement to a successor Agent in accordance with the Senior Lending Agreements without the consent of the Province provided that the Agent delivers to the Province not less than 10 Business Days prior to such assignment or transfer a notice setting out such contact information regarding the assignee or transferee as the Province may reasonably require. Upon any such assignment or transfer, (a) the Agent shall be released from all obligations and liabilities under this Agreement that have been so assigned or transferred; (b) the successor Agent and all other parties hereto shall have the same rights and obligations among themselves as they would have had if the successor Agent had been an original party to this Agreement; and (c) this Agreement shall be construed as if all references to the former Agent were replaced by references to the successor Agent. The Province and the Concessionaire shall, upon request by the successor Agent, enter into a new lenders’ remedies agreement with the successor Agent on substantially the same terms as this Agreement.

Assignment by Agent. ‌ The Agent may assign or transfer all of its rights and obligations under this Agreement to a successor Agent in accordance with the Senior Lending Agreements without the consent of the Province provided that the Agent delivers to the Province not less than 10 Business Days prior to such assignment or transfer a notice setting out such contact information regarding the assignee or transferee as the Province may reasonably require. Upon any such assignment or transfer, (a) the Agent shall be released from all obligations and liabilities under this Agreement that have been so assigned or transferred; (b) the successor Agent and all other parties hereto shall have the same rights and obligations among themselves as they would have had if the successor Agent had been an original party to this Agreement; and (c) this Agreement shall be construed as if all references to the former Agent were replaced by references to the successor Agent. The Province and the Concessionaire Project Co shall, upon request by the successor Agent, enter into a new lenders’ remedies agreement with the successor Agent on substantially the same terms as this Agreement.