Assumption By Clause Samples
The "Assumption By" clause defines the process by which one party takes over certain obligations, liabilities, or responsibilities from another party under a contract. Typically, this clause outlines the specific duties being assumed, the effective date of the transfer, and any required consents or conditions that must be met for the assumption to be valid. For example, if a company sells a business unit, the buyer may assume existing contracts or debts related to that unit. The core practical function of this clause is to ensure a clear and enforceable transfer of obligations, thereby preventing disputes over who is responsible for fulfilling contractual duties after a change in parties.
Assumption By. The Assignee hereby accepts the Assignment of the Agreement from the Assignor all as further described in this Assignment Agreement and hereby agrees to and shall assume, be bound by, observe and perform, at all times, from and after the Effective Date, all of the terms and conditions to be observed and performed by the Assignor under the Agreement, to the same extent as if the Assignee had been originally named as a party under the Agreement.
Assumption By. TRANSFEREE Any Transfer, whether made with Landlord’s consent pursuant to § 17.1 or without Landlord’s consent pursuant to § 17.1.1, shall be made only if, and shall not be effective until, the assignee or subtenant shall execute, acknowledge, and deliver to Landlord an agreement in form and substance satisfactory to Landlord under which the assignee or transferee shall assume the obligations of this Lease on the part of Tenant to be performed or observed, from and after the date of Transfer, and whereby the assignee or transferee shall agree that the provisions in § 17.1 shall, notwithstanding such Transfer, continue to be binding upon it in respect of all future Transfers. The original named Tenant covenants that, notwithstanding any Transfer, whether or not in violation of the provisions of this Lease, and notwithstanding the acceptance of Base Rent and/or Additional Rent by Landlord from an assignee, transferee, or any other party, the original named Tenant shall remain fully liable for the payment of the Base Rent and Additional Rent and for the other obligations of this Lease on the part of Tenant to be performed or observed.