Assignment by Borrowers. Anything to the contrary herein notwithstanding, no Borrower shall have any right to assign its rights hereunder or the proceeds of the Loan without the written consent of Lender and any such assignment or purported assignment shall, at Lender’s option, relieve Lender from all further obligations hereunder and shall constitute a default under this Agreement.
Appears in 2 contracts
Sources: Second Lien Loan Agreement (North American Technologies Group Inc /Tx/), Second Lien Loan Agreement (Sammons Enterprises, Inc.)