ASSIGNMENT OF AGREEMENT BY METROMEDIA TO SNAPPER Sample Clauses
ASSIGNMENT OF AGREEMENT BY METROMEDIA TO SNAPPER. By its signature to this Amendment, Snapper assumes the Agreement, all of the other Loan Documents and all of the Obligations of Metromedia, including but not limited to an outstanding principal balance of $44,831,338.00 (less collections received on November 1, 1995, and applied to the outstanding principal balance), the grant of security interest and the agreement to arbitrate disputes, and agrees that it is a party to the Agreement for all purposes. DFS consents to the assignment of the Agreement, the Loan Documents, and the Obligations to Snapper by Metromedia, the assumption of the Agreement, the other Loan Documents and the Obligations by Snapper and hereby releases Metromedia as a party to the Agreement, and releases Metromedia from all liabilities and obligations in connection with any of the Loan Documents. Notwithstanding the foregoing, Metromedia shall have obligations under the Guaranty, as described in Section 9 above, and the Stock Pledge Agreement described in paragraph 10 above. 9 No other or further assignment of this Agreement or the Loan Documents by Snapper or any other party shall be permitted without the express prior written consent of DFS. This Agreement shall terminate immediately, and all Obligations shall be immediately due and payable, at such time as Snapper ceases to be a wholly-owned subsidiary of Metromedia. Additionally, within a reasonable time after the execution of this Amendment Snapper and DFS shall enter into an amendment and restatement of the Agreement in order to set forth in a single agreement, the substantive terms of the Agreement, as amended previously, and by this Amendment, and shall execute such other documentation reasonably satisfactory to DFS in connection therewith.